MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	INTER-KOM S.P.A.
Registered Office :	Via Bernini, 20 80129 – Napoli (NA) -IT-
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	02.05.1978
Legal Form :	Joint stock company
Line of Business :	Wholesale of sugar and chocolate and sugar confectionery
No. of Employees :	fom 6 to 10

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name and address

INTER-KOM S.P.A.

Via Bernini, 20

80129 - Napoli (NA) -IT-

Summary

Fiscal Code	:	01347530634
Legal Form	:	Joint stock company
start of Activities	:	02/05/1978
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of sugar and chocolate and sugar confectionery

Wholesale of coffee, tea, cocoa and spices

Wholesale of coffee

Retail sale of cakes, sweets and confectionery

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01347530634

Foreign Trade Reg. no. : NA002611 since 23/01/1992

Chamber of Commerce no. : 331355 of

Chamber of Commerce no. : 306075 of since 19/05/1977

Firms' Register : NA049-1977-883 of since 19/02/1996

V.A.T. Code : 01347530634

Foundation date	: 26/04/1977
Establishment date	: 26/04/1977
Start of Activities	: 02/05/1978
Legal duration	: 31/12/2100
Nominal Capital	: 108.465
Subscribed Capital	: 108.465
Paid up Capital	: 108.465

Members

Mannato

Fabrizio

Born in Pozzuoli

(NA)

on 09/09/1957

- Fiscal Code : MNNFRZ57P09G964T

Residence:

F. Caracciolo

, 15

- 80122

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/06/2010

No Protests registered

Delehaye

Alfredo

Born in Napoli

(NA)

on 08/05/1949

- Fiscal Code : DLHLRD49E08F839V

Residence:

Suarez

, 38

- 80129

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	10/01/2013
Managing Director	10/01/2013

No Prejudicial events are reported

No Protests registered

Della Santina

Stefano

Born in Carrara

(MS)

on 16/01/1960

- Fiscal Code : DLLSFN60A16B832W

Residence:

Carriona

, 115D

- 54033

Carrara

(MS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/06/2010

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Delehaye

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Racam Srl	Gragnano (NA) - IT -	03303970630	Chairman of the Board of Aud.	Active	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Director	Active	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Permanent Auditor	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Board Chairman	Active	Registered
* Ceccarelli Legnami S.r.l.	Cervinara (AV) - IT -	01595050640	Temporary Auditor	Active	Registered
Fonderie Pisano E C. - S.p.a.	Salerno (SA) - IT -	00181930652	Chairman of the Board of Aud.	Active	Registered
S. Passalacqua S.p.a.	Casavatore (NA) - IT -	00267980639	Permanent Auditor	Withdrawn	Registered
Cafe'do Brasil S.p.a.	Napoli (NA) - IT -	00275560639	Permanent Auditor	Active	Registered
Tarquinio Vessa - S.r.l.	Salerno (SA) - IT -	00071620652	Permanent Auditor	Withdrawn	In liquidation
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Chairman of the Board of Aud.	Active	Registered
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Permanent Auditor	Active	Registered
Burrificio La Goccia Bianca S.r.l. InSigla La Goccia Bianca S .r.l.	Agerola (NA) - IT -	05491210638	Chairman of the Board of Aud.	Active	Registered
Ga. Fi. S.r.l. In Liquidazione	Casalnuovo di Napoli (NA) - IT -	05779460632	Chairman of the Board of Aud.	Withdrawn	Bankrupt
Ecopolimeri S.r.l.	Napoli (NA) - IT -	06176740634	Temporary Auditor	Active	Registered
Liguori Editore S.r.l.	Napoli (NA) - IT -	00273040634	Permanent Auditor	Active	Registered
Tim S.r.l.	Benevento (BN) - IT -	00607220621	Chairman of the Board of Aud.	Active	Registered
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Permanent Auditor	-	Bankrupt
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Temporary Auditor	Withdrawn	Bankrupt
Societa' Industriale Prefabbricati Armati-sipa S.p.a.	Benevento (BN) - IT -	00040740623	Permanent Auditor	Active	Registered
Del Bo S.p.a.	Napoli (NA) - IT -	00507550630	Chairman of the Board of Aud.	Withdrawn	Registered
DUILIO MORI S.A.S. DI ANNA AMBROSIO	Napoli (NA) - IT -	03337260636	Chairman of the Board of Aud.	Withdrawn	Ceased
La Cartotecnica Meridionale S.r.l.	Torre del Greco (NA) - IT -	03266130636	Chairman of the Board of Aud.	Active	Registered
SOGEFA S.R.L.	Napoli (NA) - IT -	03459880633	Chairman of the Board of Aud.	Withdrawn	Registered
Industria Lattiero Casearia Mandara S.p.a..	Napoli (NA) - IT -	04022900635	Chairman of the Board of Aud.	Active	Registered
Arredo Sud S.r.l.	Sant'Antimo (NA) - IT -	05773420632	Chairman of the Board of Aud.	-	Bankrupt
Del Bo Impianti S.r.l.	Napoli (NA) - IT -	06224510633	Temporary Auditor	Withdrawn	Registered
D'amato Di Navigazione S.p.a.	Napoli (NA) - IT -	06294230633	Temporary Auditor	Withdrawn	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Chairman of the Board of Aud.	Active	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Temporary Auditor	Withdrawn	Registered
Plus Societa' Agricola S.r.l.	Sessa Aurunca (CE) - IT -	01578900613	Permanent Auditor	Active	Registered
Impresit S.p.a.	Casoria (NA) - IT -	03372951214	Chairman of the Board of Aud.	Active	Registered
Sideralba S.p.a	Acerra (NA) - IT -	02731591216	Chairman of the Board of Aud.	Active	Registered
I.s.o. - S.r.l.	Napoli (NA) - IT -	03312121217	Chairman of the Board of Aud.	Active	Registered
N.e.m.-nuova Edilizia Monumentale Srl	Napoli (NA) - IT -	01421160639	Chairman of the Board of Aud.	Withdrawn	Registered
A.c.m. S.p.a. - Azienda Commerciale Meridionale.	Torre del Greco (NA) - IT -	05122940637	Chairman of the Board of Aud.	Active	Registered
Immobiliare Campania - I.cam. S.r.l. InLiquidazione	Napoli (NA) - IT -	01262170630	Permanent Auditor	Withdrawn	Ceased
Del Bo Servizi S.p.a.	Milano (MI) - IT -	06271420637	Permanent Auditor	Withdrawn	Registered
Curat Et Sanat S.r.l.	Telese (BN) - IT -	00077310621	Chairman of the Board of Aud.	Active	Registered
Curat Et Sanat S.r.l.	Telese (BN) - IT -	00077310621	Permanent Auditor	Withdrawn	Registered
Percorsi - S.p.a.	Roma (RM) - IT -	06026441003	Chairman of the Board of Aud.	Active	Registered
Mandara Group S.p.a.	Napoli (NA) - IT -	03893791214	Chairman of the Board of Aud.	Active	Registered
Expom S.r.l. Societa' Unipersonale	Scafati (SA) - IT -	04472660655	Chairman of the Board of Aud.	Active	Registered
Imperati Group Srl	Agerola (NA) - IT -	05419570964	Permanent Auditor	Active	Registered
Gommisti E Gommisti S.p.a	Casoria (NA) - IT -	05001631216	Chairman of the Board of Aud.	Active	Registered
Starcom Veicoli Industriali S.r.l.	Afragola (NA) - IT -	04837151218	Chairman of the Board of Aud.	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Rubino Michele	Napoli - IT -	RBNMHL49C04F839T		16,67
Presta Anna		PRSNNA32P48F839S		33,33
Rubino Paola	Napoli - IT -	RBNPLA64M61F839J		11,12
Rubino Maria	Napoli - IT -	RBNMRA61E55F839K		16,67
Evangelista Gerardo		VNGGRD78C24F839O		5,55
Evangelista Luigi		VNGLGU73E30F839J		5,55
Amabile Luca		MBLLCU83E19F839E		5,55
Amabile Roberto		MBLRRT85L23F839W		5,55

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Registered office

Bernini

, 20

- 80100

- Napoli

(NA)

- IT -

PHONE

: 0815780079

FAX	: 0815564504

Email

: info@interkom.it

Website

: www.interkom.it

-

Branch

(Representative office)

since 11/08/2011

Strada Le Thanh Ton

, 2BIS 4-6

- Ho Chi Minh

- IT -

-

Branch

(Warehouse)

since 30/11/2011

Bosco Fangone Lotto D

, 201-202

- 80035

- Nola

(NA)

- IT -

Employees

: 7

Fittings and Equipment for a value of 29.000

Eur

Stocks for a value of 1.360.000

Eur

for a value of 77.000

Eur

Vehicles for a value of 10.000

Eur

for a value of 26.000

Eur

Trade organization: direct or by agents.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Holland

- Germany

- Great Britain

- Poland

- France

- Cyprus

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Mannato

Fabrizio

Born in Pozzuoli

(NA)

on 09/09/1957

- Fiscal Code : MNNFRZ57P09G964T

Residence:

F. Caracciolo

, 15

- 80122

Napoli

(NA)

- IT -

Ex-Postions

Managing Director

Rubino

Michele

Born in Napoli

(NA)

on 04/03/1949

- Fiscal Code : RBNMHL49C04F839T

Residence:

Luigia Sanfelice

, 16

- 80127

Napoli

(NA)

- IT -

Ex-Postions

Sole Director

Rubino

Maria

Born in Napoli

(NA)

on 15/05/1961

- Fiscal Code : RBNMRA61E55F839K

Residence:

Stazio

, 15

- 80127

Napoli

(NA)

- IT -

Ex-Postions

Attorney with special power

Gorgoglione

Domenico

Born in Albano di Lucania

(PZ)

on 17/05/1964

- Fiscal Code : GRGDNC64E17A131R

Residence:

Donica

, 54

- 84084

Fisciano

(SA)

- IT -

Ex-Postions

Director

Board Chairman

Managing Director

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

Subject is active since 1978

Balance sheets for the years 2009, 2010 and 2011 were analyzed.

During the last years, it achieved profits (r.o.e. 7,36% on 2011) with an increase in 2011 (+16,95%).

The operating result was positive in the last financial year (7,18%) falling within the field's average.

The amount of the operating result for the year 2011 is of Eur. 581.657 with a 27,64% growth.

The G.O.M. amounted to Eur. 798.510 with no sensible increase as against 2010.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,23

Subject can manage an equity capital funds for an amount of Eur. 5.851.658 , unchanged as opposed to the preceding year.

Total debts (both short and M/L term) equals Eur. 1.900.989, increasing if compared to the previous year, during which they were equal to Eur. 647.074 (more then 100%).

Bank and suppliers credit recourse is limited, 2,49 gg. is payment average period which is also lower than the sector average.

Payments are supported by good current assets.

Trade credits average terms are 47,96 days. , shorter than the sector's average.

The financial management generated a cash flow of Eur. 647.824.

Labour cost amounts to Eur. 385.441, with a 1,06% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 1,43%.

Financial incomes cover financial charges.

Financial Data

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	26.942.594
Profit (Loss) for the period	430.971

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	23.036.125
Profit (Loss) for the period	359.952

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	38.152.261
Profit (Loss) for the period	254.523

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	26.740.471
Profit (Loss) for the period	183.458

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1)

Item Type	Value
Sales	55.537.511
Profit (Loss) for the period	-88.402

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1

Years

2011

2010

2009

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses	4.297
. . Research,develop. and advert.expens.
. . Industrial patent rights			5.828
. . Concessions,licenses,trademarks,etc.	5.118	5.473
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	9.415	5.473	5.828
. TANGIBLE FIXED ASSETS
. . Real estate	2.258.877	2.311.165	2.351.771
. . Plant and machinery	28.759	37.774	46.789
. . Industrial and commercial equipment
. . Other assets	46.429	81.274	123.447
. . Assets under construction and advances
. Total Tangible fixed assets	2.334.065	2.430.213	2.522.007
. FINANCIAL FIXED ASSETS
. . Equity investments		49.500	49.500
. . . Equity invest. in subsidiary companies		49.500	49.500
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	18.334	184	184
. . . . Within 12 months	18.334	184	184
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	18.334	184	184
. . . . Within 12 months	18.334	184	184
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	18.334	49.684	49.684
Total fixed assets	2.361.814	2.485.370	2.577.519
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	1.364.964	903.065	1.105.354
. . Advance payments
. Total Inventories	1.364.964	903.065	1.105.354
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.736.787	2.067.531	2.771.273
. . Beyond 12 months	24.423
. . Trade receivables	3.588.990	1.963.545	2.635.229
. . . . Within 12 months	3.588.990	1.963.545	2.635.229
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	120.101	86.207	110.993
. . . . Within 12 months	120.101	86.207	110.993
. . . . Beyond 12 months
. . Receivables for anticipated taxes	51.918	16.282	8.103
. . . . Within 12 months	27.495	16.282	8.103
. . . . Beyond 12 months	24.423
. . Receivables due from third parties	201	1.497	16.948
. . . . Within 12 months	201	1.497	16.948
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.761.210	2.067.531	2.771.273
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.	49.500
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	49.500
. LIQUID FUNDS
. . Bank and post office deposits	562.189	1.091.809	827.661
. . Checks
. . Banknotes and coins	203	560	1.965
. Total Liquid funds	562.392	1.092.369	829.626
Total current assets	5.738.066	4.062.965	4.706.253
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	5.223	10.601	13.441
Total adjustments accounts	5.223	10.601	13.441
TOTAL ASSETS	8.105.103	6.558.936	7.297.213
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	108.465	108.465	108.465
. Additional paid-in capital
. Revaluation reserves	1.378.562	1.378.562	1.378.562
. Legal reserve	23.309	23.309	23.309
. Reserve for Own shares
. Statute reserves
. Other reserves	3.910.351	3.697.398	3.659.805
. Accumulated Profits (Losses)
. Profit( loss) of the year	430.971	359.952	254.523
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	5.851.658	5.567.686	5.424.664
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	183.552	190.389	23.922
. . Other funds			177.544
Total Reserves for Risks and Charges	183.552	190.389	201.466
Employee termination indemnities	157.486	142.371	230.706
ACCOUNTS PAYABLE
. . . . Within 12 months	1.900.989	647.074	1.422.203
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	1.408.501		488.950
. . . . Within 12 months	1.408.501		488.950
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	251.351	407.295	324.074
. . . . Within 12 months	251.351	407.295	324.074
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	12.183	112.338	434.128
. . . . Within 12 months	12.183	112.338	434.128
. . . . Beyond 12 months
. . Due to social security and welfare inst.	29.065	25.399	39.262
. . . . Within 12 months	29.065	25.399	39.262
. . . . Beyond 12 months
. . Other payables	199.889	102.042	135.789
. . . . Within 12 months	199.889	102.042	135.789
. . . . Beyond 12 months
Total accounts payable	1.900.989	647.074	1.422.203
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	11.418	11.416	18.174
Total adjustment accounts	11.418	11.416	18.174
TOTAL LIABILITIES	8.105.103	6.558.936	7.297.213

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	26.942.594	23.036.125	38.152.261
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	10.135.345	9.546.072	817.265
. . Contributions for operating expenses
. . Different income and revenues	10.135.345	9.546.072	817.265
Total value of production	37.077.939	32.582.197	38.969.526
PRODUCTION COSTS
. Raw material,other materials and consum.	35.179.807	29.460.049	36.363.995
. Services received	1.148.359	1.755.071	1.431.969
. Leases and rentals	13.957	2.356	22.181
. Payroll and related costs	385.441	424.893	706.708
. . Wages and salaries	277.097	289.666	540.924
. . Social security contributions	85.570	103.787	156.200
. . Employee termination indemnities	22.774	31.440
. . Pension and similar
. . Other costs			9.584
. Amortization and depreciation	216.853	239.851	184.442
. . Amortization of intangible fixed assets	1.429	355	355
. . Amortization of tangible fixed assets	96.148	103.338	114.208
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	119.276	136.158	69.879
. Changes in raw materials	-461.899	202.289	-192.628
. Provisions to risk reserves		28.965	177.544
. Other provisions
. Other operating costs	13.764	13.029	27.216
Total production costs	36.496.282	32.126.503	38.721.427
Diff. between value and cost of product.	581.657	455.694	248.099
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	5.810	2.993	53.085
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above			53.085
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	54.107	201.601	227.502
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	59.917	204.594	280.587
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	3.569	20.062	25.076
. . Gains on disposals
. . Other extraordinary income	3.569	20.062	25.076
. Extraordinary expense	-1.494	-20.998	-31.645
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-1.494	-20.998	-31.645
Total extraordinary income and expense	2.075	-936	-6.569
Results before income taxes	643.649	659.352	522.117
. Taxes on current income	212.678	299.400	267.594
. . current taxes	212.678		267.594
. . differed taxes(anticip.)		299.400
. Net income for the period	430.971	359.952	254.523
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	430.971	359.952	254.523

RATIOS	Value Type	as at 31/12/2011	as at 31/12/2010	as at 31/12/2009	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,29	0,38	0,35	0,13
Elasticity Ratio	Units	0,71	0,62	0,64	0,85
Availability of stock	Units	0,17	0,14	0,15	0,16
Total Liquidity Ratio	Units	0,54	0,48	0,49	0,62
Quick Ratio	Units	0,08	0,17	0,11	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,23	n.c.	0,11	5,02
Self Financing Ratio	Units	0,72	0,85	0,74	0,13
Capital protection Ratio	Units	0,91	0,92	0,93	0,58
Liabilities consolidation quotient	Units	0,08	0,22	0,16	0,10
Financing	Units	0,32	0,12	0,26	6,17
Permanent Indebtedness Ratio	Units	0,74	0,87	0,78	0,25
M/L term Debts Ratio	Units	0,02	0,02	0,03	0,07
Net Financial Indebtedness Ratio	Units	0,14	0,00	0,00	1,16
CORRELATION
Fixed assets ratio	Units	2,54	2,30	2,19	1,57
Current ratio	Units	3,02	6,28	3,31	1,09
Acid Test Ratio-Liquidity Ratio	Units	2,30	4,88	2,53	0,85
Structure's primary quotient	Units	2,48	2,24	2,10	0,96
Treasury's primary quotient	Units	0,32	1,69	0,58	0,05
Rate of indebtedness ( Leverage )	%	138,51	117,80	134,52	743,68
Current Capital ( net )	Value	3.837.077	3.415.891	3.284.050	70.465
RETURN
Return on Sales	%	2,40	2,60	1,15	1,66
Return on Equity - Net- ( R.O.E. )	%	7,36	6,47	4,69	6,68
Return on Equity - Gross - ( R.O.E. )	%	11,00	11,84	9,62	19,39
Return on Investment ( R.O.I. )	%	7,18	6,95	3,40	3,84
Return/ Sales	%	2,16	1,98	0,65	2,16
Extra Management revenues/charges incid.	%	74,09	78,99	102,59	28,56
Cash Flow	Value	647.824	599.803	438.965	48.046
Operating Profit	Value	581.657	455.694	248.099	59.910
Gross Operating Margin	Value	798.510	724.510	610.085	99.701
MANAGEMENT
Credits to clients average term	Days	47,96	30,69	24,87	86,56
Debts to suppliers average term	Days	2,49	4,70	3,08	100,32
Average stock waiting period	Days	18,24	14,11	10,43	31,97
Rate of capital employed return ( Turnover )	Units	3,32	3,51	5,23	1,82
Rate of stock return	Units	19,74	25,51	34,52	11,18
Labour cost incidence	%	1,43	1,84	1,85	5,95
Net financial revenues/ charges incidence	%	0,22	0,89	0,74	-0,81
Labour cost on purchasing expenses	%	1,06	1,32	1,83	5,95
Short-term financing charges	%	n.c.	n.c.	n.c.	2,18
Capital on hand	%	30,08	28,47	19,13	54,67
Sales pro employee	Value	3.716.219	1.772.009	4.239.140	507.074
Labour cost pro employee	Value	53.164	32.684	78.523	32.650

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.84.19
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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